Core Viewpoint - Yanzhou Coal Mining Company reported a decline in revenue and net profit for the first half of 2025, indicating challenges in the coal sector despite some operational improvements and strategic acquisitions [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 59.349 billion yuan, a year-on-year decrease of 17.93% [1]. - The net profit attributable to shareholders was 4.652 billion yuan, down 39.38% year-on-year, while the net profit after deducting non-recurring items was 4.430 billion yuan [1]. - For Q2 2025, the company reported a single-quarter operating revenue of 29.037 billion yuan, a decline of 11.13% year-on-year, and a net profit of 1.942 billion yuan, down 49.03% year-on-year [1]. Group 2: Production and Sales - The company saw a steady increase in coal production, achieving a commodity coal output of 73.6 million tons, up 6.54% year-on-year, while coal sales were 64.81 million tons, down 4.51% [2]. - In the chemical products segment, the company produced 4.745 million tons, an increase of 13.47% year-on-year, with sales reaching 4.171 million tons, up 11.32% [2]. Group 3: Strategic Developments - The company completed the acquisition of Northwest Mining in July 2025, adding 6.352 billion tons of coal resources and 3.652 billion tons of recoverable reserves, enhancing its long-term growth potential [2]. - The board proposed a mid-term dividend of 0.18 yuan per share, totaling 1.8 billion yuan, which represents 38.7% of the net profit for the first half of the year, reflecting a commitment to shareholder returns [2]. Group 4: Future Outlook - The company is expected to continue growing towards becoming a "clean energy supplier and world-class enterprise" as production capacity is released and quality assets are injected into the group [2].

证券研究报告 [Table_Title] 西北矿业煤炭并购项目再落地，践行战略规 划兑现成长 [Table_ReportDate] 2025 年 4 月 9 日 [Table_S 事件：2025 ummar年y]4 月 8 日，兖矿能源发布关联交易公告，拟以现金 140.66 亿 元收购控股股东山东能源集团有限公司权属公司山东能源集团西北矿业有 限公司 51%股权，其中以现金 47.48 亿元收购西北矿业现有股东 26%股权， 以现金 93.18 亿元向西北矿业增资。 点评： 请阅读最后一页免责声明及信息披露 http://www.cindasc.com1 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 兖矿能源(600188) 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮箱：zuoqianming@cindasc.com 高升：煤炭钢铁行业首席分析师 执业编号：S1500524100002 邮箱：gaosheng@cindasc.com 公司研究 信达证券股份有限公司 CINDASECURITIESC ...

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company's coal business is expanding, with a focus on cost reduction and efficiency improvement. In 2024, coal production reached 142 million tons, a year-on-year increase of 7.86%, while coal sales were 136 million tons, up 7.31% [4] - The company aims to increase its coal production to 155-160 million tons in 2025, targeting an increase of over 13 million tons year-on-year [4] - The chemical segment is also expected to enhance profitability, with a production of 8.7 million tons in 2024, a slight increase of 1.3% year-on-year [4] - The company is focusing on internal and external growth, with significant projects underway to enhance coal and chemical production capacities [5] - The company emphasizes shareholder returns, with a proposed total dividend of 0.77 CNY per share for 2024, representing 53.59% of net profit under Chinese accounting standards [5] Financial Summary - In 2024, the company reported total revenue of 139.12 billion CNY, a decrease of 7.27% year-on-year, and a net profit attributable to shareholders of 14.43 billion CNY, down 28.37% [1][2] - The company's gross margin for 2024 was 35.8%, with a return on equity (ROE) of 17.5% [6] - The projected net profits for 2025-2027 are 14.5 billion CNY, 15.1 billion CNY, and 16.5 billion CNY, respectively, with corresponding earnings per share (EPS) of 1.44 CNY, 1.51 CNY, and 1.65 CNY [6]